Michael Saylor's business intelligence company MicroStrategy has purchased more Bitcoin, at a price of $42.110 per BTC.
MicroStrategy's Bitcoin holdings rose, as of December 26, to a total of 189.150 BTC. The value of these bitcoins, which the company is HODLing over the long term, amounts to more than $8.130 billion, based on the current BTC price, at the time of writing.
Through his X account (formerly Twitter), the company's executive president, Michael Saylor, revealed that MicroStrategy has invested a total of $5.900 billion dollars in its Bitcoin investment strategy, which began in August 2020.
In just three years, MicroStrategy has become the largest institutional investor in Bitcoin, making recurring purchases of the cryptocurrency regardless of its market price.
A new investment of $615 million dollars
MicroStrategy is closing out 2023 with one of the largest investments made in Bitcoin.
According to the publication shared by Saylor, the company invested just over $615 million dollars to finance the new bitcoins that were acquired on this occasion. This represents an increase of 116% and 3,7%, on average, compared to the company's last two BTC investments, which were reported on November 1 and 30, respectively.
Bitcoin has become MicroStrategy's main reserve asset
With this new acquisition, MicroStrategy continues to consolidate the strategy started on August 11, 2020, when invested its first $250 million dollars in the cryptocurrency market leader.
At that time, MicroStrategy purchased 21.454 bitcoins using its excess cash with the goal of maximizing long-term value for its shareholders.
Michael Saylor, who was CEO of MicroStrategy at the time, highlighted that Bitcoin represented “a reliable store of value and an attractive investment asset with more long-term appreciation potential than holding cash”. Furthermore, he noted that cryptocurrency had become a significant addition to the global financial system, and that it had features that are useful for both individuals and institutions.
Saylor therefore stated that:
“MicroStrategy has recognized Bitcoin as a legitimate investment asset that may be superior to cash and has consequently made Bitcoin the primary holding of its treasury reserve strategy.”.
The price of Bitcoin, at the time of writing this article, is trading above $43.000 per BTC, giving MicroStrategy more than $12,9 million in unrealized profits on the investment it recently made in Bitcoin, and more than $2.230 billion dollars, in unrealized profits with the total investment you have in the cryptocurrency.
Source: CoinMarketCap
Continue reading: MicroStrategy earns over $2.000 billion as Bitcoin surges
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